The Cyprus Securities and Exchange Commission (CySEC), the financial regulatory body of Cyprus, has issued a warning to investors on July 19,2024 about a dozen websites operating without authorization to provide investment services or activities.
What is CySEC?
CySEC is responsible for supervising and regulating the investment services market in Cyprus. It’s a key player in protecting investors and ensuring the integrity of financial markets in the region. Their warnings are crucial for investors to make informed decisions and avoid potential scams.
The List of Unauthorized Websites:
CySEC has identified the following websites as operating illegally within the investment services sector:
- fundednowprop.com
- fiat-global.com & platform.fiatfxtrade.com
- buxmapps.com
- actaswiss.com
- trader-trust.eu
- fpmhelenic.com & client.clients-area.com/register
- wallstreet-fx.io
- fidelitycfd.com & wt.fidelitycfd.com
- vstarsoho.net
- alfacapitalmarket.com
- forexelite.co & forexelite.trade/private
Why This Warning Matters
These websites are not authorized by CySEC to provide investment services, meaning they operate outside of the regulatory framework designed to protect investors. Engaging with these platforms could expose you to significant risks, including:
- Loss of funds: Unregulated platforms often lack the financial safeguards and security measures that protect your investments.
- Fraud and scams: These platforms may be involved in fraudulent activities or operate as scams to steal your money.
- Limited recourse: If something goes wrong, you may have limited options to recover your funds or seek compensation.
How to Protect Yourself
CySEC strongly urges investors to check their website (www.cysec.gov.cy) before conducting business with any investment firm. The website provides a list of authorized entities licensed to provide investment services. By verifying a firm’s legitimacy, you can avoid falling victim to unauthorized and potentially fraudulent platforms.
Reporting Unauthorized Firms
If you have been approached by or have invested with any of the listed websites, or suspect any other firm of operating illegally, you are encouraged to report them to CySEC immediately. Your report can help protect other investors and maintain the integrity of the financial markets.
If you’ve fallen victim to a fraudulent company, take action to protect yourself. For guidance, check out our resource: “Got Scammed by an Online Company? 8 Steps to Follow.”
